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Modigliani and Miller developed a theory describing a firm's optimal capital structure, ranging from a basic model assuming no corporate taxes, to an intermediate model

Modigliani and Miller developed a theory describing a firm's optimal capital structure, ranging from a basic model assuming no corporate taxes, to an intermediate model including corporate taxes, and ultimately a model providing for costs of financial distress.

"Do you agree or disagree that all three models are NOT practically applicable in real world". Provide examples to justify your comment.

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